Edinburgh concert arena predicted to create 1,350 jobs and a £520m boost
Around 1,350 jobs will be created by Edinburgh’s new concert arena if it is given the green light, music industry giants AEG have revealed.
An annual economic boost of £520 million for the Scottish capital has been predicted by the operators of the O2 in London from their proposed 8,500-capacity venture in the Edinburgh Park area.
AEG, who have lodged official plans with the city council for the 200,000sqft site, have predicted the arena will attract audiences in excess of 700,000 each year. They will launch a hunt for a “naming rights partner” for the arena if planning permission is secured, with AEG hoping to open the venue will be up and running by 2027.
A vacant site next to the Edinburgh Park tram stop and railway station has been earmarked for the new arena.
It is adjacent to a new “cultural quarter” that is taking shape as part of a wider development expected to create more than 1,800 new homes and offices. Its developer, Parabola, has agreed to sell part of its land to AEG.
A consultation carried out in recent months on the proposed arena found
76 per cent of respondents were overwhelmingly in favour of the development. Nearly 90 per cent said they travelled outside the city for entertainment events.
Alex Hill, president & chief executive officer of AEG Europe, said: “We are thrilled to be progressing with our plans for a spectacular new arena for Edinburgh. The city has long been renowned as a destination for global culture and one of the world’s best for the arts and live entertainment. “We’re excited to build on this reputation and bring world-class live music and entertainment to Edinburgh, as well as investing in the wider Edinburgh Park community.”
Alistair Wood, executive vice-president of real estate and development at AEG Europe, said: “We’re delighted by the feedback and valuable insights we’ve received during the extensive consultation and public exhibition process.
“If we were able to secure planning permission, our focus would then immediately turn to identifying a building contractor and naming rights partner to bring this exciting project to life on site.”